BTC Macro, and what I'm watching for...
It's been a WILD Ride, the past couple years, no doubt. And BTC has been wild, along with everything else going on in the world around us. So here's a look at what's happened since CV-19, and what I'm keeping my eyes on for the near-term.....
A) The Cerveza Plunge. No one needs an introduction to this. Global macro liquidity event. Basically everyone rekt.
B) BTC proceeded to stairstep it's way back to the 10-11k range, and proceeds to consolidate, twice. The first, leads to a break/close > the Highs formed at A) (pre-cv19 plunge). The 2nd sets off the Mewn Mission that takes us to 60k+.
Now onto more current PA......
As we see, BTC continued to stair-step it's way up to, and over 60k.
C) Here we get our first Change of Character on BTC's Weekly Chart/Structure. We put in a LL, the first. And proceed to put in a LH as well. As if this isn't heavy enough, the Peak Week, as well as the LH Peak, are both formed by Bearish Wiseman Candles. And not just ANY Bearish Wiseman....they're Engulfing! Not a subtle move.
I've failed you at proper labeling here at the end...No more Alphabet, so bear with me here.
BTC Dumps 50% to 30k....we consolidate, making this Triple Bottom. Once again, BTC launches itself from this triangle/compression/hvf type formation....and we zoom to 52k or so. This move nearly perfectly fills the "FVG" created on our plunge from 60k..... And the dreaded Bearish Wiseman ENGULFING shows up again......
This is not the Weekly candle Bulls want to see printed. The Bull Line is where I'd want to see buyers step in, if we're to believe this to be Mewn Mission 2.0 taking off.....If we start seeing Daily Closes below that, or worse into the orange box.....care care care.....
20k isn't safe from a visit....PARTICULARLY if the world sees another Liquidity Crisis type Event. Not out of the realm of possibility.
As always, have fun, be safe, and practice proper risk management.
A) The Cerveza Plunge. No one needs an introduction to this. Global macro liquidity event. Basically everyone rekt.
B) BTC proceeded to stairstep it's way back to the 10-11k range, and proceeds to consolidate, twice. The first, leads to a break/close > the Highs formed at A) (pre-cv19 plunge). The 2nd sets off the Mewn Mission that takes us to 60k+.
Now onto more current PA......
As we see, BTC continued to stair-step it's way up to, and over 60k.
C) Here we get our first Change of Character on BTC's Weekly Chart/Structure. We put in a LL, the first. And proceed to put in a LH as well. As if this isn't heavy enough, the Peak Week, as well as the LH Peak, are both formed by Bearish Wiseman Candles. And not just ANY Bearish Wiseman....they're Engulfing! Not a subtle move.
I've failed you at proper labeling here at the end...No more Alphabet, so bear with me here.
BTC Dumps 50% to 30k....we consolidate, making this Triple Bottom. Once again, BTC launches itself from this triangle/compression/hvf type formation....and we zoom to 52k or so. This move nearly perfectly fills the "FVG" created on our plunge from 60k..... And the dreaded Bearish Wiseman ENGULFING shows up again......
This is not the Weekly candle Bulls want to see printed. The Bull Line is where I'd want to see buyers step in, if we're to believe this to be Mewn Mission 2.0 taking off.....If we start seeing Daily Closes below that, or worse into the orange box.....care care care.....
20k isn't safe from a visit....PARTICULARLY if the world sees another Liquidity Crisis type Event. Not out of the realm of possibility.
As always, have fun, be safe, and practice proper risk management.